A person is eligible for consideration for a grant if the person:

1. (1) Is a citizen of the United States;
2. (2) Has been a resident of the state for one year immediately preceding the date of application for a grant;
3. (3) Meets the admission requirements of, and is admitted into, the approved institution of higher education to which admission is sought; and
4. (4) Satisfactorily meets the qualifications of financial need, academic promise and academic achievement established by the vice chancellor.